FX.co ★ Outlook for AUD/USD for 3 November 2020

AUD/USD appears to be unable to break below a multi-month significant point dating back to December 2019 at 0.702 a key psychological mark. From there, it oscillated between resistance and support. More recently it continues to be guided lower by a steep descending resistance trendline. A break below could open the door for sellers to retest the support level at 0.684.

AUD/USD is erasing last week's losses and continues to push higher toward 0.7050. The AUD/USD pair dropped to its lowest level since mid-July at 0.669 on Monday but staged a decisive rebound ahead of the American session. As of writing, the pair was trading at 0.7043, gaining 0.25% on a daily basis.